10-K Filing

CPI AEROSTRUCTURES INC CIK: 889348 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001387131-21-004535`
Period End Date	20201231
Filing Date	20210415
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	cvu-10k_123120_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 30 Cash Flow Statement 66 Stockholders Equity 16

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.82M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.95M	shares	Point-in-time
Cash	`Cash`	$4.05M	USD	Point-in-time
Cash	`Cash`	$6.03M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$1.38M	USD	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.95M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.96M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.03M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$19.73M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$15.28M	USD	Point-in-time
Inventory	`InventoryNet`	$9.57M	USD	Point-in-time
Inventory	`InventoryNet`	$5.89M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$474.90K	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$40.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$534.86K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$721.96K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$40.87M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$34.83M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.08M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.89M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$5.30M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.52M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.28M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$250.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$375.00K	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$191.18K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$179.07K	USD	Point-in-time
Total Assets	`Assets`	$44.34M	USD	Point-in-time
Total Assets	`Assets`	$49.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.09M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.37M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.69M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.56M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.65M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$2.65M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$800.97K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.48M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.50M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.71M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.82M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.22K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$862.00	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$20.98M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$28.56M	USD	Point-in-time
Line of credit	`LineOfCredit`	$26.74M	USD	Point-in-time
Line of credit	`LineOfCredit`	$20.74M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.54M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.60M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.76M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$6.21M	USD	Point-in-time
Total Liabilities	`Liabilities`	$58.04M	USD	Point-in-time
Total Liabilities	`Liabilities`	$52.08M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,951,271 and 11,818,830 shares, respectively, issued and outstanding	`CommonStockValue`	$11.82K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,951,271 and 11,818,830 shares, respectively, issued and outstanding	`CommonStockValue`	$11.95K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$71.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-80.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-79.05M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-8.35M	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$44.34M	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$49.69M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$87.58M	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$87.52M	USD	Annual
Cost of sales	`CostOfRevenue`	$75.49M	USD	Annual
Cost of sales	`CostOfRevenue`	$78.39M	USD	Annual
Gross profit	`GrossProfit`	$12.09M	USD	Annual
Gross profit	`GrossProfit`	$9.13M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.05M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.56M	USD	Annual
Profit/(Loss) from operations	`OperatingIncomeLoss`	$-2.43M	USD	Annual
Profit/(Loss) from operations	`OperatingIncomeLoss`	$48.02K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	-	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$89.67K	USD	Annual
Interest expense	`InterestExpense`	$1.42M	USD	Annual
Interest expense	`InterestExpense`	$2.10M	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-2.02M	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-1.42M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.37M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.45M	USD	Annual
Provision for/ (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$3.88K	USD	Annual
Provision for/ (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-53.50K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.32M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.45M	USD	Annual
Loss per common share-basic	`EarningsPerShareBasic`	$-0.38	USD	Annual
Loss per common share-basic	`EarningsPerShareBasic`	$-0.11	USD	Annual
Loss per common share-diluted	`EarningsPerShareDiluted`	$-0.11	USD	Annual
Loss per common share-diluted	`EarningsPerShareDiluted`	$-0.38	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.88M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.81M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.88M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.81M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.32M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.45M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.03M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.12M	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$95.51K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$95.43K	USD	Annual
Cash expended in excess of rent expense	`OtherNoncashIncome`	$137.74K	USD	Annual
Cash expended in excess of rent expense	`OtherNoncashIncome`	$112.05K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$730.56K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$711.34K	USD	Annual
Common stock issued as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Common stock issued as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$32.32K	USD	Annual
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$-23.39K	USD	Annual
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$34.10K	USD	Annual
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.81M	USD	Annual
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.09M	USD	Annual
(Increase) decrease in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-2.31M	USD	Annual
(Increase) decrease in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$4.45M	USD	Annual
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-227.34K	USD	Annual
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$3.68M	USD	Annual
Decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-187.11K	USD	Annual
Decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.20M	USD	Annual
Decrease in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$-434.90K	USD	Annual
Decrease in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$-394.90K	USD	Annual
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-678.38K	USD	Annual
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.21M	USD	Annual
(Decrease) in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.97M	USD	Annual
(Decrease) in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.91M	USD	Annual
(Decrease) in loss reserve	`IncreaseDecreaseInLossReserve`	$-1.01M	USD	Annual
(Decrease) in loss reserve	`IncreaseDecreaseInLossReserve`	$-1.85M	USD	Annual
(Decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-112.78K	USD	Annual
(Decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-354.00	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.60M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-377.98K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$146.79K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$436.01K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-146.79K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-436.01K	USD	Annual
Payment of line of credit	`RepaymentsOfLongTermLinesOfCredit`	$1.30M	USD	Annual
Payment of line of credit	`RepaymentsOfLongTermLinesOfCredit`	-	USD	Annual
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$4.00M	USD	Annual
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	-	USD	Annual
Proceeds from PPP loan	`ProceedsFromOtherShortTermDebt`	$4.79M	USD	Annual
Proceeds from PPP loan	`ProceedsFromOtherShortTermDebt`	-	USD	Annual
Payment of long-term debt	`RepaymentsOfDebt`	$2.44M	USD	Annual
Payment of long-term debt	`RepaymentsOfDebt`	$2.34M	USD	Annual
Stock offering costs paid	`PaymentsOfStockIssuanceCosts`	$119.57K	USD	Annual
Stock offering costs paid	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$107.54K	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$25.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$118.64K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.35M	USD	Annual
Net (decrease) increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-695.35K	USD	Annual
Net (decrease) increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$600.74K	USD	Annual
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.43M	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.03M	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.13M	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.43M	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.03M	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.13M	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$399.80K	USD	Annual
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$134.90K	USD	Annual
Cash paid during the year for interest	`InterestPaidNet`	$1.49M	USD	Annual
Cash paid during the year for interest	`InterestPaidNet`	$2.07M	USD	Annual
Cash paid (received) for income taxes	`IncomeTaxesPaidNet`	$-488.05K	USD	Annual
Cash paid (received) for income taxes	`IncomeTaxesPaidNet`	$-378.65K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-8.35M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	11.95M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-1.32M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.45M	USD	Annual
Costs related to stock offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$119.57K	USD	Annual
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$32.32K	USD	Annual
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$711.34K	USD	Annual
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$730.56K	USD	Annual
Ending balance, value	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-8.35M	USD	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	11.95M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.